PRESS RELEASE

Interim results for the six months ended 30 June 2022

  • Technology leadership and product portfolio underpin broader customer base
  • Revenue doubled year-on-year to US$57.1m
  • H1 2022 operating profit of US$29.9m compared to restated H1 2021 US$1.3m
  • Adjusted EBITDA1 up 67% year-on-year to US$23.2m
  • Adjusted EBITDA1 margin at 41%, below H1 2021, as we continue to expand our R&D capability to support a growing pipeline and future revenue growth
  • EBITDA significantly above H1 2021 at US$32.7m
  • Significant revenue growth expected in H2 2022, with medium-term outlook unchanged and continued confidence in growth prospects

LONDON, United Kingdom and TORONTO, Ontario, Canada 21 September 2022 – Alphawave IP Group plc (LSE: AWE, “Alphawave IP”, “Alphawave”, the “Company”), a global leader in high-speed connectivity for the world’s technology infrastructure, has published its interim results for the six months ended 30 June 2022.

Financial Summary and APMs1 – US$m H1 2022 Restated H1 20212 Change
Revenue 57.1 27.6 107%
EBITDA2 32.7 2.6 nm
EBITDA margin 57% 9%  
Adjusted EBITDA1 23.2 13.9 67%
Adjusted EBITDA margin 41% 50%  
Profit after Tax2 16.3 0.1 nm
PAT margin 28% nm  
Adjusted Profit after Tax1 6.7 11.4 (41%)
Adjusted PAT margin 12% 41%  
Pre-tax operating cash flow2 32.2 4.7 578%
Net cash and cash equivalents (end of period) 451.8 519.1 (13%)

1 See note 4 Alternative Performance Measures (APMs) on page 21. Adjusted EBITDA and Adjusted Profit after Tax exclude IPO-related non-recurring costs, foreign exchange adjustments, share-based payments, M&A transaction costs and one-time fees associated with WiseWave.

2 H1 2021 operating expenses have been restated by US$2.6m from share premium to non-recurring IPO costs. FY 2021 remains unchanged. This restatement had no impact on H1 2021 APMs. See note 23 for further information.

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